Full list of victims in $13m ‘Ponzi scheme’

Full list of victims in $13m ‘Ponzi scheme’

A FUND that regulators suspect is a Ponzi scheme, and which has embroiled some of the state's most high-profile athletes, has a shortfall of $12.5 million, court documents reveal.

A court-appointed receiver has estimated investors in fund manager Ken Grace's Goldsky fund are owed $12.9 million, but there is only $314,124 in the receiver's bank accounts.

A list of more than 40 investors has also been included in the report by Anthony Castley, from firm William Buck, filed in Brisbane Supreme Court on Monday.

The Australian Securities and Investments Commission had previously claimed the fund had 50 investors, including Olympic swimmer Sam Riley, cyclist Robbie McEwen and former Brisbane Lions player Simon Black.

Mr Castley said he had been hampered in getting full details of the investments and where the money had gone by Mr Grace who failed to give him updated spreadsheets.

In his report Mr Castley said that the vast majority of money in the Goldsky bank accounts had come from investors.

Former Olympic swimmer Sam Riley

Former Brisbane Lions star Simon Black has been imparting his knowledge of the game. Picture: Jack Tran

Mr Castley also states that $6.85 million had been paid out of Goldsky's bank accounts, including $1.8 million to buy a Kingscliff house where Mr Grace lives with his wife Jane, and $144,000 for stays at the five-star Park Hyatt hotel in Sydney.

Mr Castley's affidavit stated that $133,739 from Goldsky's accounts went to pay for furniture and home expenses, $36,347 for cars and $410,418 for flights and accommodation.

"It may be established that there is some right of action for the recovery of the items acquired or the repayment of an amount equal to the value of private expenditure from the party who obtained the benefit," Mr Castley wrote in his report.

Separately, liquidator Chris Baskerville of Jirsch Sutherland was appointed to three Goldsky companies at a meeting late last week.

Last month ASIC froze the joint bank counts of Mr and Mrs Grace in a bid to protect the interests of investors.

ASIC alleges Mr Grace was unlicensed to run the scheme and suspects it was a Ponzi scheme.